Reso 0704-11/1984 255
RESOLUTION NO. 704
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SAN MARCOS COUNTY WATER DISTRICT
AUTHORIZING THE SALE OF SPECIAL ASSESS-
MENT BONDS TO FINANCE IMPROVEMENTS IN A
SPECIAL ASSESSMENT DISTRICT
WHEREAS, the BOARD OF DIRECTORS of the SAN MARCOS COUNTY WATER DISTRICT, CALIFOR-
NIA, has initiated proceedings pursuant to the terms and conditions of the "Municipal
Improvement Act of 1913", being Division 12 of the Streets and Highways Code of the
State of California, for the construction of certain public works of improvement,
together with appurtenances and acquisition, where necessary, in a special assessment
- district; said special assessment district designated as
ASSESSMENT DISTRICT NO. 83-1
(MYRTLE AVENUE SEWERS)
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, it has been further determined that serial bonds shall be issued to
finance the costs and expenses of said improvements and proceedings, and said bonds
shall be issued pursuant to the terms and provisions of the "Improvement Bond Act of
1915", being Division 10 of the Streets and Highways Code of the State of California;
and,
WHEREAS, at this time, this Board is desirous of authorizing the sale of bonds to
finance the works of improvement as proposed for this Assessment District.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That BOND COUNSEL is hereby authorized to solicit a proposal or pro-
posals for the sale of bonds for the Assessment District, pursuant to
the terms and provisions of a SPECIAL COUNSEL AGREEMENT submitted
herewith, which Agreement is approved and authorized for execution by
the President and Secretary. The interest rate on said bonds shall
not exceed the current legal maximum rate of twelve percent (12%) per
annum. Said bonds shall be issued pursuant to the terms and condi-
tions as set forth in the Resolution of Intention as previously
adopted for these proceedings.
SECTION 3. That this Resolution is adopted pursuant to the provisions of Section
10602 of the Streets and Highways Code of the State of California, and
it is further directed that all recommendations relating to the sale
of bonds be presented to this Board no later than the time set for the
Public Hearing on the "Report" and related matters for this Assessment
District.
SECTION 4. That there will be provided, at nQ expense to the bidder, an approving
- legal opinion of F. MACKENZIE BROWN, Attorney at Law, attesting to the
validity of the proceedings and the enforceability of the bonds.
SECTION 5. That pursuant to the provisions of Section 10600.5, it is hereby
determined that the bonds shall bear interest from their date, and the
date of the bonds shall be MARCH 2, 1985, or the 31st day after
recordation of the assessment roll and diagram, whichever is later.
SECTION 6. That the BOND SALE SPECIFICATIONS relating to the sale of the assess-
ment bonds for the Assessment District is hereby approved and for
further particulars, a copy of said Bond Sale Specifications is on
file with the transcript of these proceedings and open to inspection.
SECTION 7. That in the event of any delinquency in the payment of any installment
of an assessment, it is hereby covenanted with the holder of the bonds
257
that this Board will cause to be commenced and thereafter diligently
prosecuted, judicial foreclosure proceedings upon all delinquent
unpaid assessments upon the specific terms, times and conditions as
set forth in the bidding documents relating to the sale of bonds.
It is further hereby ordered that an investigation be initiated as
soon as possible each year to determine all tax delinquencies on all
properties within the boundaries of the above-referenced Assessment
District.
PASSED, APPROVED and ADOPTED at a Regular Meeting of the Board of Directors of
the San Marcos County Water District held this 13th day of November ,
1984, by the following roll call vote:
AYES: Directors: Mason, Newport, Mahr, Ferguson, Rutherford
NOES: Directors: None
ABSTAIN: Directors: None
ABSENT: Directors: None
President, Bca~ro~
San Marcos County Water District
ATTEST: